On Aug. 12, the board of directors of Italian motorcycle maker Aprilia S.p.A. unanimously accepted the bid by Piaggio & Co. SpA to buy 100% of the company. Financial terms were not disclosed.
Aprilia World Service USA General Manager Tom McDonald said the sportbike and scooter maker is "anxious to embrace the resources" made available through the Piaggio deal.
“The combination of Piaggio, the largest European two wheel manufacturer and the Aprilia Group, the second largest, creates a company with considerable resources," he said.
A Piaggio-Aprilia group would boast a yearly output of 600,000 vehicles, a staff of 6,000 employees, and a turnover of $1.8 billion.
According to a statement prepared by Francesco Nepi, director Aprilia World Service SpA, Piaggio Group’s intervention will guarantee payment to suppliers and ultimately increase the value of the Aprilia Group from an industrial and strategic point of view.
“Mr. Beggio pointed out that the proposal presented by Ducati, while much appreciated, under the industrial and strategic profile, is less adequate to the immediate management demands and the expectations of important stakeholders,” Nepi said.
A final agreement between Aprilia and Piaggio should be reached by the end of next month, once the Italian competition authority, Aprilia's creditor banks and Piaggio shareholders, among others, have made their views known.
Copyright 2004 Powersports Business